grace period

noun

: a period of time beyond a due date during which a financial obligation may be met without penalty or cancellation

Examples of grace period in a Sentence

The terms of the loan allow for a ten-day grace period.

Recent Examples on the Web

States were given a grace period to enact these rules before recipients would begin to see potential reductions in benefits. —Mary Walrath-Holdridge, USA Today, 3 June 2026

The regulator said a grace period will be given for platforms to complete implementation of age-verification systems. —ABC News, 1 June 2026

But a probe by the Federal Trade Commission suggests that grace period could be nearing an end. —Lauren Feiner, The Verge, 1 June 2026

In a notice, MARTA said the temporary grace period that kept some gates and emergency doors open since May 2 will end Saturday, May 30. —Christopher Harris, CBS News, 28 May 2026

Word History

First Known Use

1907, in the meaning defined above

Rhymes for grace period

• myriad
• photoperiod

Legal Definition

grace period

noun

grace pe·​ri·​od

: a period of time beyond a scheduled date during which a required action (as payment of an obligation) may be taken without incurring the ordinarily resulting adverse consequences (as penalty or cancellation): as

a

: a period of 30 days or one month during which premiums on insurance policies may be paid without penalty

b

: a period of ten days during which certain security interests (as those in fixtures) must be perfected in order to have priority over conflicting security interests under Article 9 of the Uniform Commercial Code

called also days of grace